Shareholder Alert: Robbins LLP reminds investors that Astra Space, Inc. (ASTR) f/k/a Hollicity Inc. (HOL) is being sued for deceiving shareholders
SAN DIEGO–(BUSINESS WIRE)–The class: Shareholder rights law firm Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of purchasers of Astra Space, Inc. (NASDAQ: ASTR) f/k/a Hollicity Inc. (NASDAQ: HOL) between February 2, 2021 and December 29, 2021, for violations of the Securities Exchange Act of 1934. Astra Space allegedly operates as an operational space launch company.
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What this case is about: Astra Space, Inc. (ASTR) misled the investing public about its business prospects
According to the complaint, on June 30, 2021, Astra Space and Hollicity Inc., a special purpose acquisition company, merged. During the class period, defendants touted the company’s ability to launch “anywhere in the world in 24 hours” and exaggerated the efficiency and reliability of its designs, among other things.
On December 29, 2021, researcher Kerrisdale Capital released a report titled “Astra Space, Inc. (ASTR): Headed for Dis-Astra”, which alleged myriad issues with the company. The report explained that Astra could not be launched from “anywhere in the world”. In the United States, for example, Astra can only be launched from a commercial spaceport licensed by the FAA and approved for vertical launch. Furthermore, the report states that Astra’s forecast of 300 launches per year is highly speculative for many reasons, not the least of which is lack of market demand. The report notes that Astra has only made one successful orbital test flight and examines Astra’s design failures. On this news, Astra shares fell $1.10 per share, or about 14%, to close at $6.61 per share on December 29, 2021.
Next steps: If you purchased shares of Astra Space, Inc. (ASTR) between February 2, 2021 and December 29, 2021, you have until April 11, 2022, to ask the court to name you as the lead plaintiff in the class. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation. You don’t have to be in the case to be eligible for a clawback.
All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.
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